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Naira Falls Freely, Down To 480/USD

Naira Falls Freely, Down To 480/USD

The Nigerian Naira plunged further against the U.S. dollar to a new record low of 480 on Thursday, down from 472 it recorded on Wednesday. The currency had continued its two-week free fall on Monday, closing at 445 to the dollar after tumbling to 439 on Friday. On Tuesday, the currency closed at 452 to the greenback. […]

Naira Races To N500/USD

Naira Races To N500/USD

As the Naira raced towards N500/USD1 yesterday, Nigeria’s foreign exchange market became tension-soaked. The Naira closed at N490/ USD1 in the parallel market, with dealers expecting further rise today to hit the dreaded N500 mark. Surprisingly, the Naira appreciated significantly to N305/ USD at the official interbank market same day, although dealers said foreign exchange […]

Currency Speculators Push Naira To N460/$ In Black Market

Currency Speculators Push Naira To N460/$ In Black Market

The naira suffered a major setback against the dollar, exchanging at N460 to dollar as currency speculators chased higher margins. The local currency lost 1.76 per cent against the dollar on the parallel market, down from N452 at the close of trading on Tuesday, even as dollar supplies dry up. Though the naira closed at […]

Nigerian CBN Settles $180m OTC Forex Futures Contract

Nigerian CBN Settles $180m OTC Forex Futures Contract

The Central Bank of Nigeria (CBN) yesterday settled the third OTC foreign exchange (FX) futures contract, even as low liquidity continues to mar interbank FX market trading. The NGUS SEP 28 2016, 1M contract with a notional value of $180 million executed between the CBN and authorised dealers on FMDQ OTC securities exchange, matured and […]

CBN To Sell Foreign Exchange Direct To BDCs As Dollar Hits N465

CBN To Sell Foreign Exchange Direct To BDCs As Dollar Hits N465

The scarcity of foreign exchange bites harder yesterday, pushing the . Traders in Lagos and Abuja said that there were no Forex to sell or buy in the market, as dollar hits N465 at parallel market yesterday, thus, creating acute scarcity. The pound sterling, also in high demand, traded yesterday at about N540. The deposit money […]

Saraki On Recession Freedom: We Must Shore Up Foreign Reserve To $45bn

Saraki On Recession Freedom: We Must Shore Up Foreign Reserve To $45bn

With the nation’s foreign reserve presently hovering around $25 billion, Senate President, Dr. Bukola Saraki in this interview highlighted what the country needs to do to get out of recession within the next few months. KAZEEM AKINTUNDE was there for LEADERSHIP The National Assembly held a two-day debate on how the country could tackle the […]

Naira Now 127 In Global Competitiveness ranking

Naira Now 127 In Global Competitiveness ranking

Nigeria slipped three places to the 127 position in the Global Competitiveness Report 2016-2017 which was released Wednesday morning in Davos and it is the first key measure of how the economy has deteroriated since President Muhammadu Buhari took over power in May last year. The report compiled by the World Economic Forum assessed the competitiveness […]

Naira Fell 460 Per Dollar On Black Market

Naira Fell 460 Per Dollar On Black Market

The Nigerian naira fell to 460 to the dollar on the black market, down from 452 at the close of trading on Tuesday. The  local currency plunged further to a new record low on Wednesday, down 1.76 percent against the dollar on the parallel market even as dollar supplies dry up. Though the naira closed at […]

Clamour for improved disbursement of $21bn remittances: Forex

Clamour for improved disbursement of $21bn remittances: Forex

The Central Bank of Nigeria (CBN), last month, in the bid to enhance supply of foreign exchange to the bureau de change, BDC, segment of the foreign exchange market,  directed that banks should sell $50,000 from proceeds of international money transfers ( IMT) to the 3000 BDCs in the country. The directive was aimed at addressing the […]

Naira May Hit 500 Per Dollar – Obiano

Naira May Hit 500 Per Dollar – Obiano

The Anambra State Governor, Chief Willie Obiano, has said that the naira will continue to fall against the dollar till it reach N500 to the greenback. Obiano said this during the commencement of the Anambra State Fire and Safety Summit in Awka on Wednesday. The governor, who expressed fear that the dollar would continue to […]

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